Property Purchases Surge 37% Ahead of Investment Law Amendments: Leptos Estates

New Delhi, July 18, 2024: Real estate and property development firm specialising in residential, commercial and holiday residences in Greece and Cyprus, Leptos Estates has reported a 37% surge in property sales made to Indian buyers over the past few months, ahead of expected amendments to investment laws by the Greek government. 

At present, the entry price of the Permanent Residency in Europe stands at an affordable €250,000 (Rs 2. 5 cr) for global investors. However, once the investment rules are amended starting September 1, 2024, this minimum fee is set to rise to €400,000. The Greece Golden Visa, (Permanent Residency) provides global high-net worth individuals (with family) and investors a permanent Mediterranean home in Europe, visa-free travel across Europe, free health and education as well as the freedom to set up a business in the county.

Before the rules are implemented, Indian investors are queuing up to get the best real estate deals in stunning Greek islands like Paros, Crete, and Santorini. Known for its picturesque seascapes, rich culture and history, Greece continues to attract investors from across the world looking to diversify their portfolios, as well as individual home buyers who are looking at buying their dream Mediterranean holiday homes that range from premium apartments to luxury villas. 

“We are delighted to see a surge in interest among our very valued Indian investors who have seen the huge potential that owning a piece of prime real estate in Greece offers them! Our buyers know the reputation that Leptos Estates has in the market offering beautiful properties offer a unique blend of luxury, location, and investment potential. This is what makes them highly attractive to discerning buyers and the fact that we offer one-stop solutions for our clients leaving them nothing to worry about!” said Sanjay Sachdev, Group Marketing Director, Leptos Estates.

As per the new rules, there will be two minimum investment slabs for real estate transactions in the country. In Tier I, which comprises popular areas like Attica, Thessaloniki, Mykonos, Santorini, and the islands, the minimum investment is expected to go up to €800,000 from the current €500,000; and in Tier II that covers all other regions of Greece, the entry point will go up to €400,000 from the current €250,000.

Indian Investors have the months of July and August to apply under the current €250,000 minimum threshold if they pay a 10% deposit by Aug 31, 2024, and finalise the investment by December 31, 2024.